Showing posts from March, 2011

MPs question adequacy of CPF savings for old age

MEMBERS of Parliament yesterday pressed Manpower Minister Gan Kim Yong in Parliament on the adequacy of the Central Provident Fund (CPF) for old age.

Why The Poor Gets Poorer

Source: There is an old saying:  The rich get richer and the poor get poorer. It's true, and there's a logical explanation why it holds true in every capitalist society. Put simply: the rich understand the difference  between an asset and a liability, and the poor never quite get it. The rich work for investment capital, while the poor work for disposable income. The rich buy appreciating assets and allow returns to compound, while the poor buy depreciating assets and live paycheck to paycheck. The rich live a bit below their means until their compounding investment returns supply enough passive income to support a lavish lifestyle, while the poor live just at their means throughout their lives. I was reminded of the stark distinction between the haves and the have-nots when the Straits Times newspaper carried a cover story about the new Singapore Shares and featured a large color photo of a long line of poor and elderly waiting to cash in